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17:57 EDTGNW
theflyonthewall.com: Genworth to recover $85M in tax refunds
Genworth Financial disclosed that, based on recently enacted legislation, it expects to recover approximately $85M in Federal income tax refunds, considering results through Q3. The exact amount of the recovery will be determined by results for the remainder of this year, with any statutory tax benefit being recorded in Q4. This legislation expands the carryback period for certain net operating losses to five years from two years. On a statutory basis, a significant portion of this recovery will benefit the U.S. Mortgage Insurance business, and is expected to increase the regulatory Risk To Capital ratio by 0.5 to 1.0 points by year end. :theflyonthewall.com



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February 24, 2010
06:23 EDTGNW
theflyonthewall.com: Genworth says not planning to sell Canadian stake, Financial Post reports
Genworth Financial (GNW) says it has no plans to sell its 57.5% stake in Genworth Mortgage Insurance Canada. At the Bank of America Merrill Lynch 2010 insurance conference, the insurer said mortgage insurance losses in the U.S. from 2005-2007 books are moderating, and expects the losses will peak in the middle of this year. Genworth is also planning to reinvest $1B-$2B by mid-2010. Reference Link :theflyonthewall.com